My mom is in a reverse mortgage for >11 years. Now has gone into nursing home. Owes more than house is worth. Non-recourse loan. Family does not want house, mortgage served its purpose, gave Mom some money to live on. We tried to do a deed-in-lieu first, bank denied (itís a land lease property). Tried short sale, got offer for $69.9K which is really the market market value (Pinellas county, FL), denied, they appraised at 111K. We rebutted that with our realtor and 4 more realistic comps around 70K, denied. They asked if buyer would increase offer to make up difference, they withdrew offer. We do not want house or any equity here, just to give up the home. Don't want to walk away but see no other choice. HOA fees are taking what little she has left.
Any options besides walking away? The issue is the "what the house is worth" question. Bank says X, market says Y. Thanks